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On this April 23, 2018, the ExxonMobil logo picture appears above a trading post on the New York Stock Exchange. ExxonMobil has headed all public companies into oil reserves by the end of the year 2018. (AP Photo / Richard Drew, File)
One of the most important threats to the US. Global oil supply is the 2016. The collapse of oil prices has resulted in significant reductions in investment spending, which means that some productions will be delayed or canceled.
Many companies and agencies have warned that these spending cuts were jeopardizing future oil supplies.The International Energy Agency (IEA) warned in its report Oil 2017 that the growth of oil and gas 39, supply could slow down by 2020 if spending do not resume, unless spending resumes, EY (formerly Ernst & Young) released its US study on 2018 oil and gas reserves. * The report noted that in 2017, the 50 largest US companies exploration and production companies increased their capital expenditures for the first time since 2014.
Capital Expenditures 2013-2017 Study of US Oil and Gas Reserves of EY 2018
Companies surveyed reported capital expenditures of $ 114.5 billion in 2017, that is 32% more than in 2016 and 5% more than in 2015 However, it remains well below the $ 198 billion that these companies spent in 2014. These companies reported revenues of 135 , $ 9 billion in 2017, an increase of 32% over 2016 and the highest since 2014. Net income for 2017 stands at $ 16.1 billion, compared with a net loss of 33.8 billions of dollars in 2016.
2013-2017 Revenues and Operating Results EY 2018 US Oil and Gas Reserves Study
Proven Oil Reserves In 2017, study companies increased by 21% due to an increase 76% of extensions and discoveries. At 5.0 billion barrels, this is the highest level of the study period after the lowest level recorded in 2016. The oil reserves of the top five companies were:
- Exxon Mobil Corporation – 2.940 billion barrels
- ConocoPhillips – 1.974 billion barrels
- Chevron Corporation 1.916 billion barrels
- EOG Resources, Inc. 1.808 billion barrels
- BP plc 1.669 billion barrels
Oil Reserves 2013-2017 US Study on Oil and Gas Reserves of EY 2018
Replacement rates for oil production in 2017 were significantly higher than during periods preceding. Study companies showed replacement rates above 100% for the three-year and five-year periods in all three categories of replacement rate analysis. The five highest rates of oil replacement for the last three years were:
- WildHorse Resource Development Corporation – 2.989% Replacement
- Southwestern Energy Company – 1.124%
- Antero Resources Corporation – 887%
- Parsley Energy, Inc. – 795%
- RSP Permian, Inc. – 794%
Year-end natural gas reserves increased by 19% in 2017 to 176 trillion cubic feet (tpi ), the highest level of gas reserves since 2014 discoveries and upward revisions of 9.9 tcf – partially offset by sales of proven reserves of gas and production.
Companies drilled respectively 30% and 23% of development and exploration wells compared to 2016. Oil equivalent production costs (BOE) in 2017, relatively unchanged compared to 2016 but 27% lower to that of 2013.
* About the Study
US Oil and Gas Reserves S tudy is a compilation and analysis of certain information on disclosure of oil and gas reserves as reported by publicly traded companies in their annual filings with the Securities and Exchange Commission (SEC). ) the United States. This report presents US E & P results for the five-year period from 2013 to 2017 for the 50 largest companies based on 2017 year-end oil and gas reserve estimates. based on the information available. For more information, visit: ey.com/oilandgas/USReserves.
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On this April 23, 2018, the ExxonMobil logo photo appears above a trading post on the ground of a new report on oil and gas reserves. ExxonMobil has led all public companies into oil reserves by the end of the year 2018. (AP Photo / Richard Drew, File)
One of the most L & # 39; collapse in oil prices has resulted in significant reductions in capital expenditures, which means that some productions will be delayed or canceled.
Many companies and agencies have warned that these spending cuts As I have documented in Sleepwalking Into The Next Oil Crisis, International Energy Agency (IEA) warned in its report Oil 2017 that supply growth could stagnate by 2020 if spending does not increase. depending on the port, unless the expenses are Unused production capacity in 2022 will fall to the lowest level since 2008 (when oil prices were close to $ 150 per barrel)
. EY (formerly Ernst & Young) published its 2018 US study on oil and gas reserves. * The report noted that in 2017, the 50 largest US exploration and production companies increased their capital expenditures for the first time since 2014.
2013-2017 Study of Reserves US oil and gas companies of EY 2018
The companies surveyed reported capital expenditures of $ 114.5 billion in 2017, or 32% more than in 2016 and 5% of more than in 2015. However, these companies reported revenues of $ 135.9 billion in 2017, an increase of 32% over 2016 and the highest since 2014 due to the improvement in commodity prices. Net income for 2017 was $ 16.1 billion, compared to a net loss of $ 33.8 billion in 2016.
2013-2017 Revenues and Operating Earnings Oil Reserves Study and EY 2018 US gas reserves
Proven Oil Reserves In 2017, study companies increased by 21% due to a 76% increase in extensions and discoveries. At 5.0 billion barrels, this is the highest level of the study period after the lowest level recorded in 2016. The oil reserves of the top five companies were:
- Exxon Mobil Corporation – 2.940 billion barrels
- ConocoPhillips – 1.974 billion barrels
- Chevron Corporation 1.916 billion barrels
- EOG Resources, Inc. 1.808 billion barrels
- BP plc 1.669 billion barrels
Reserves Oil 2013-2017 The US Study of Oil and Gas Reserves of EY 2018
The replacement rates of oil production in 2017 were significantly higher than that. in previous periods. Study companies showed replacement rates above 100% for the three-year and five-year periods in all three categories of replacement rate analysis. The five highest rates of oil replacement for the last three years were:
- WildHorse Resource Development Corporation – 2.989% Replacement
- Southwestern Energy Company – 1.124%
- Antero Resources Corporation – 887%
- Parsley Energy, Inc. – 795%
- RSP Permian, Inc. – 794%
Year-end natural gas reserves increased by 19% in 2017 to 176 trillion cubic feet (tpi ), the highest level of gas reserves since 2014 discoveries and upward revisions of 9.9 tcf – partially offset by sales of proven reserves of gas and production.
Companies drilled respectively 30% and 23% of development and exploration wells compared to 2016. Oil equivalent production costs (BOE) in 2017, relatively unchanged compared to 2016 but 27% lower to the one of 2013.
* About the study [19659003] The US study on oil and gas reserves is a compilation and analysis of some information on the reserves of oil and gas reported by publicly traded companies in their annual filings with the United States Securities and Exchange Commission (SEC). This report presents US E & P results for the five-year period from 2013 to 2017 for the 50 largest companies based on 2017 year-end oil and gas reserve estimates. based on the information available. For more information, visit: ey.com/oilandgas/USReserves.
